Tax Planning – Between Life and Money

Why RMD Rules Matter in Retirement Planning (Ep. 17)

By Between Life and Money | August 6, 2024

Are you ready to handle the complexities of Required Minimum Distributions (RMDs) in your retirement plan?

In this episode, host Jeff Panik, CFP®, MSFS, CRPS breaks down the latest RMD regulations, tax implications, and effective strategies for managing these distributions on the latest episode of ‘Between Life and Money: Finding Balance.’ This episode is essential for anyone nearing retirement or looking to refine their retirement strategy.

Key Highlights:

RMD Regulations: Understand the evolving age requirements and regulations for RMDs, including recent changes
Calculation Methods: Learn how to calculate your RMDs accurately using life expectancy tables and account values
Charitable Contributions: Discover how Qualified Charitable Distributions (QCDs) can satisfy RMD requirements while benefiting charities
Tax Implications: Explore the tax consequences of RMDs and strategies to minimize your tax liabilities
Inherited IRAs: Understand the specific RMD rules for inherited IRAs, including differences for various beneficiaries
Roth Conversions: Learn about the advantages of converting pre-tax accounts to Roth IRAs before reaching RMD age
Strategic Planning: Get tips on effective RMD planning to balance income needs and tax burdens, ensuring a smooth transition into retirement
And much more!

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Financial Literacy & Navigating Social Security (Ep. 12)

By Between Life and Money | May 21, 2024

Thinking about when to start Social Security? Discover strategies that could boost your retirement income.

Elevate your understanding of Social Security with host Jeff Panik in this pivotal episode of ‘Between Life and Money: Finding Balance’. We uncover the critical role of the Federal Insurance Contributions Act (FICA) and its evolving impact on both Social Security. This episode meticulously addresses Social Security reforms, unpacks the consequences of early withdrawals, and offers strategic advice for maximizing benefits, empowering you to navigate your financial future with confidence.

Key Highlights:

Historical Context of FICA: Discover the 1935 origins of FICA, established as a safeguard during the Great Depression, and explore how demographic shifts and longer life spans pose modern challenges
Understanding Payroll Taxes: Learn about the influence of the payroll tax cap on your contributions and the debate over removing this cap to ensure Social Security’s financial stability
Managing SSA Records: Explore the importance of maintaining accurate Social Security records through the SSA’s online portal, with a focus on verifying work history and benefit calculations
Strategic Benefit Withdrawal: Assess the financial implications of initiating Social Security benefits at ages 62, 67, or 70, and understand how earning additional income can affect early withdrawals
Couples and Social Security: Investigate strategies that allow couples to optimize their combined benefits, especially considering the potential long-term benefits for the surviving spouse
Navigating Misleading Advertisements: Identify the difference between factual advice and misleading claims about increasing Social Security benefit
Proactive Retirement Planning: Embrace the necessity of starting your Social Security planning 5-10 years before retirement, integrating it with other retirement income sources like pensions and IRAs
And much more!